With Finterra’s WAQF Chain platform, companies and organizations can now create a much more engaging and interactive experience for donors by creating specific charity campaigns with specified targets and open disclosure of how many donations have been collected in real time.
The Finterra WAQF Chain platform is an online tool for charitable fundraising using the concepts and technologies of Blockchain, Waqf and crowdfunding. The WAQF Chain only hosts campaigns from registered NGOs. This requirement is fixed so that donors can have confidence that their funds are going to legitimate recipients. In addition, all donations made on the WAQF Chain platform are sent directly to a trust account with Finterra’s partnering bank. Afterwards, the funds will only be transferred to the campaign owner if at least the soft target is reached by the campaign deadline. Otherwise, the funds will be refunded back to the donors in full. Receipts for all donations made will be saved on Finterra’s blockchain and can be viewed in the “My Smart Contracts” section of the dashboard.
The Finterra WAQF Chain is also B2B solution that can be customized for the unique needs of NGOs, universities, financial institutions such as banks, or other organizations that want to offer their customers online charitable donation services with greater transparency for the donation collection and reporting process. WAQF Chain can be integrated into any existing online banking platform to allow customers to seamlessly go from managing their personal finances to making charitable donations without leaving the original website they are using.
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